The COVID-19 pandemic has clearly been a major challenge for many in the past few years. People lost loved ones and jobs, and some of those who ran their own businesses, unfortunately, had to close due to the financial uncertainty of 2020, 2021, and beyond. But one thing that’s stood out as a potential silver lining for some businesses during these challenging times is the Employee Retention Tax Credit (ERTC/ERC).
About the ERTC
The ERTC is “available to eligible employers that paid qualified wages to some or all employees after March 12, 2020, and before January 1, 2022,” according to the IRS. It is a fully refundable tax credit for businesses and tax-exempt organizations, and you may be surprised to find that your small business could qualify to claim the credit.
Employers that dealt with a full or partial shutdown of operations due to governmental orders related to COVID-19, or that saw their business experience a decline in gross receipts in 2020 or 2021 when compared to the same quarter in 2019, may be qualified to apply for the ERTC. If your business fits the bill, it could act as a critical financial lifeline for your company.
Can My Business Still Apply for the ERTC?
Although the credit applies to wages from 2020 and 2021, many businesses are still able to retroactively apply for the Employee Retention Tax Credit. You’ll need to file an amended Form 941X (Quarterly Federal Payroll Tax Return) in order to claim the ERTC, and be able to back up all of the information you provide to the IRS with documentation.
The ERTC is not a loan and does not need to be paid back. However, it’s also not a free-for-all for any and all businesses to get free money. It’s meant to be a silver lining for struggling businesses that really need it, and the IRS is cracking down on fraudulent claims – even from business owners that may have thought they did the right thing in applying.
How Dayes Law Firm Can Help
One way to avoid making mistakes when claiming the Employee Retention Tax Credit and putting together your documentation to apply for the ERTC is by working with a team of tax professionals that is already skilled in dealing with the tax credit.
Here at Dayes Law Firm, our team and the partners we work with on ERTC claims can offer a no-obligation, free consultation to discuss your options with you when it comes to this important financial lifesaver for businesses across the country. To date, we have already assisted business owners in claiming millions in Employee Retention Tax Credit refunds!
There is still time to reach out to our team to start the process of applying, but time is running out. One ERTC deadline is less than a year away, and it’s important to get all the information needed for your application together sooner rather than later.
Please call Dayes Law Firm or fill out the form on this page 24 hours a day, seven days a week to see how we can best assist you when it comes to claiming the Employee Retention Tax Credit for your business. We want to help you get the funds your business is entitled to and help you receive your maximum potential ERTC refund during these challenging economic times.
Our team is standing by, and we look forward to working with you and advocating for you and your business. Call us today to learn more!